Thursday, March 5, 2009
Marvell 8K - Cutting 850 positions or 15%
"On March 2, 2009, Marvell’s board of directors approved the implementation of a plan to lower the overall costs and expenses of Marvell in response to the deteriorating economic environment. As a result of this plan and combined with certain cost reduction measures taken in December 2008 and January 2009, Marvell plans to reduce its global workforce by approximately 15 percent, or approximately 850 employees. Marvell estimates that the restructuring charges associated with the reduction in force and consolidation of facilities specifically identified to date will be approximately $20 million, including approximately $14 million related to severance and other employee benefit payments and approximately $6 million related to facility consolidation. This estimate includes restructuring charges recorded in the fiscal fourth quarter of 2009 of approximately $9.7 million, comprised of $6.7 million of severance and other employee benefit payments and $3.0 million of facilities consolidation."
Posted by Roy Kaller at 2:48 PM